I own a freehold house, built in 2007, on a French golf complex , which has a formal leasback arrangement with a large French holiday company ( Madame Vacances, a trading style of Eurogroup). The lease back arrangement was for 9 years and it is now in year 5. They tend to rent the house out for July and August only and our share of the rental payment should be all made by them by mid December of same year. Thet=y have been late paying for the last 2 years.The holiday company has sent me an e-mail this week saying lettings are down this year, times are hard for them etc etc, They want me to agree a reduction in the rent I get from 55% to 44% of rental achieved, so a reduction in cash terms against last year of 20%,,,,and payment of only 30% of rents achieved will now be by end of December and 70% by end of February next year.............they want to impose this retrospectively for this year and again for next year.As I have a proper lease can they do this or will they have forfeited their lease if I say no.What happens if they are already technically insolvent and the money for our share of the rent is not held in a separate trust account.Regards XXXXX XXXXX
Nothing, this is my first approach
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